LoopPay’s technology can use NFC payment, but the product also has a unique and potentially game-changing feature. Their “Magnetic Secure Technology” (MST) projects a field that emulates the magnetic strip on most American credit cards. This means that the technology works with existing card readers and doesn’t require special payment terminals.

Users store their card information within the LoopPay app, similar to current mobile wallet applications such as Apple Pay and Google Wallet.

The company addresses security concerns on their website- “LoopPay encrypts all data to prevent access or use by others.” Consumers are wary after retailers such as Home Depot lost millions of credit card numbers through hacking.

Android has software-based mobile payment solutions such as Google Wallet, but no direct competition to Apple Pay, observes The Verge. Samsung is in a position to make waves in the smartphone market if they can integrate LoopPay’s technology in an easy-to-use fashion.

As crazy as it sounds (not really that crazy), carrying a credit card may soon be a thing of the past.